When did I start Trading?
I started my journey on December 1st, 2016. That was my first official day of starting to learn how to trade the market. You can learn more about me on my About page.
How much did I start with and how long did it take to get over the Pattern Day Trader rule (PDT)?
I started with $3,000 in an E*Trade account. I have since added an account with Fidelity as well as an IRA trading account for retirement. It took me about 8 months to get over the PDT rule as I was only trading part-time for the first 16 months of my trading career. I had the funds to be over the PDT rule but I wanted to prove to myself I could do this as well as protect myself from my semi-gambling self. In fact once I got over the PTD rule I quickly fell back below it because I over traded and broke my rules. The PDT rule can be a good thing and a bad thing. I think in the beginning it’s actually good for all traders as it forces you to focus on only the best setups, prevents you from over trading and making too many mistakes.
What setups or patterns do you look for?
I’m not a short seller or a long trader, I’m a trader! I love tickers with news, analyst upgrades, companies that are going to have a catalyst for momentum and range. I used to create a nightly watch-list but as my skills and knowledge grew I narrowed my focus on 1-4 stocks per day and they will typically be things that I find that morning. I usually have 1 or 2 tickers from the day before that are on the back burner but at the open I’m locked into 1 or 2 plays. Think about it, if you’re trying to watch more than 2 tickers and you’re trading less than a couple years you are going to struggle. Need to focus in the beginning, less is more.
How long does it take to be successful or full-time?
Um, what are the lotto numbers and the market going to do tomorrow? This is not a simple answer and varies for everyone. It’s took me over a year to really start to say “I can do this” or “I’m having success” because everyone has a different expectation on what that means to them. For me, I needed to be making more in the market than I was at my Full-time Job. I needed to be able to consistently replace my monthly income in order to provide for my family and make this a career. Most people I’m noticing and based on what I’ve read, it takes 2+ years. If you don’t want to put in that kind of time than this probably isn’t for you.
Do I play Stock (equity), Options, Crypto, Commodities, and other?
I only play Stocks and Options. I started with stocks and have only, as of February 2018, started to play options. The reason is I wanted to get good at one thing before I jumped into something else. What I have noticed is that if you are good/great at trading stocks, picking up trading options is fairly easy once you understand how they work. They both are still about reading the chart, reading the price action and the same rules I outlined in my rules page. I’ve actually had my biggest wins playing options as i only use them on stocks that are $75 or higher to increase my buying power. Anything $75 or less I typically just play equity (stock).